AN UNEXPECTED LAYOFF
Unplanned job losses can be highly problematic for people planning for retirement, especially if they don’t have funds set aside for emergencies, said personal finance expert and author Jason Vitug.
“I had a friend who was on track with his retirement savings until he got the call he would be laid off in 30 days,” he said. “Unable to find a job that paid the same caused him to dip into his savings to cover the gaps from his old salary and unemployment benefits. He saved money in his 401k and in a Roth but never set up savings for an emergency or similar situations.”
